A target of raising £11billion worth of economic benefit from the London Olympics has been met

A four-year target of raising £11billion worth of economic benefit from the London Olympics has been met in 12 months.

Last Updated: 16/11/13 12:08am

According to a report, the country has benefited from new foreign investment, additional sales and firms winning contracts since the 2012 Games.

The total includes £130million of contracts won by UK companies for next year's football World Cup in Brazil and the next Olympic Games in Rio in 2016.

Trade and Investment Minister Lord Green said: "The delivery of London 2012 on time and on budget led to hosting nations turning to the UK to help deliver their own events with supply opportunities running into the billions.

"UK Trade & Investment has played a key role in helping British companies maximise these opportunities and the result is a £11.06 billion boost to the UK economy from the Games, reaching our four-year target in just over a year."